Y Insurance sold to Topsail
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ChrisMcGowan
New Member
Good Morning. Did you perhaps previously enquiry about an insurance quotation with Y Yacht? If so, this would be the reason you were on the mailshot list. My apologies for any inconvenience this may have caused. Chris
ChrisMcGowan
New Member
Hi there. Have you checked your junk mail? For some reason it appears that many of Barrie's emails have made their way in there. Thanks. Chris
Sticky Fingers
Well-Known Member
Not in junk, but with more digging I find it blocked by the ISP spam filters, so have now released it manually.
Now received.
Hooligan
Well-Known Member
The way i look at this is that these guys are all brokers. They do not underwrite. What you need a broker to do is to seek out the underwriters who will underwrite what you want. The issue with most brokers is that they get lazy. They use or become tied to one underwriter and as most people merely sign the renewal form it is all rather easy. So what you need in a broker is someone who understands what you need. And then goes and finds the best people. So i just used Y for the first time ie i changed broker, Why? Because the last broker didn’t check around. Y just expanded from Amlins to N&G. N&G for me was literally 25% cheaper than Amlins for exactly the same policy. The problems we all have are twofold. First, the number of underwriters who wish to insure boats is going down ie it is a buyers market, ergo prices are going up. Secondly brokers. Brokers should earn their money by saving your money. The same by the way applies to all insurance. I guarantee you that if you have used the same broker for 5 years to insure your house and go and change broker then you will get a better deal. The only competition here is brokers. Use a broker who has access to multiple underwriters. Y used to use Amlins only until Amlins lost so much money they decided to hike premiums. Then they went to N&G. Personally I view insurance as the biggest crime in history. It is almost totally unregulated, completely non transparent and when you do claim it is a nightmare after which your premiums get jacked up for the rest of your life ie you ultimately pay for the claim. Anyway, best not to get me going......
petem
Well-Known Member
The crucial point is that the Y/Amlin policy is not the same as the Navigators one and may people here have chosen the Y one on the basis that the policy wording contain less exclusions.
Switch
Well-Known Member
I contacted Chris McGowan directly via the e-mail he gave on this thread. He responded to my query almost immediately with an agreeable resolution. Consequently, I have just renewed my insurance with Y.
Hooligan
Well-Known Member
Actually this is no longer fully correct. I was with Amlins. I checked the N&G especially re wording on anchoring and leaving the boat. I have it clearly in writing from them that you can leave the boat, it does not need to in sight but there are limitations ie you cannot leave the boat on anchor unattended for days. I also checked with Amlins on this issue. They are the same although they specified that were you to anchor the boat somewhere that was not wise then there would be liability. I am not sure if there was anything else you were referring to but it is also my view that were say you to have a write off ie boat sank, you would still be in an arm wrestle with any insurer over insured value versus replacement value. Having had such a claim with Amlins i know only too well. Otherwise everyone would overinsure and scuttle their boats. This pretty much applies to everything in insurance.
Gary Fox
N/A
A question in very simple words, with a yes or no answer: If I renew with Y now, a few weeks before my policy runs out, will they have to give me the same contract, and be obliged to honour my existing cover, or not?
1) Yes they must.
2)No they can feck me about as they see fit.
1) Yes they must.
2)No they can feck me about as they see fit.
Switch
Well-Known Member
See post #41
longjohnsilver
Well-Known Member
Here’s the email I sent to Chris , and his reply sent the following morning.
Hi Chris
I’m longjohnsilver from the YBW forum. As requested I’m contacting you.
I received a quote from you on November 24th with a premium of £1507-62. My renewal with Y is £899-14. A quote from another broker, also with Navigators and General came in at £736-42, less than 50% of the same premium from your company!
I look forward to receiving your explanation, and I trust you will be happy for me to share your reply on the YBW forum.
Best regards
Reply
Good Morning John,
I hope this finds you well.
Following on from our correspondce of last night, I have now looked in to this and I have a few comments / queries if that is okay.
1. I note you purchased the boat in xxxx and you have not made a claim in the past 5 years. Our online enquiry forms has the following: -
Claim History
Please provide details of any claims you've had in the last 5 years:
Number of years NCB (no claims bonus) enitlement (?) The question mark when hovered over states 'Your insurer may not currently provide you with a no claims bonus. We may be able to apply a discount for long term claim free ownership.'
If you have been insured claim free for the last 5 years, then we can offer you 20% No Claims Bonus
2. You third party liability limit on your current policy is £3,000,000. Our quote provided £5,000,000.
3. Our excess was £500, whereas your current policy is based on a £700 excess. We can offer a discount if you opt for a higher excess. This is usually done at 10% discount for double the excess.
As a side comment, I note you paid £xxxxxx for the vessel back in 2006. Your vessel sum insured is presently £1500 less. Does this reflect the current market value of the boat? I would suggest it might be worth reviewing this come next renewal, as ultimately a lower sum insured means a lower premium.
I very much hope this helps clarify things, but remain at your disposal should you have any further queries.
Kind regards
Chris McGowan
Managing Director | Topsail Insurance Ltd
Director | Topsail Insurance Pty. Ltd.
The other quote I mention in my email has exactly the same cover and excess as the quote from Topsail. Unfortunately he didn’t answer my question as to the huge disparity in premiums.
Hurricane
Well-Known Member
Thanks for posting that.
I will be looking even harder now when it comes to place my £4600+ premium next year.
And, like you I do not make claims - never made one in 40 years of boating.
They had better "buck their ideas up" IMO.
Portofino
Well-Known Member
Guess as the water level drops the crocs start to surface .
There are fewer players offering policies, a lot of consolidation has taken place, is taking place maybe more hey to come .
Been using what were Sunseekers own “ shield “ policy from Coleman’s in Poole since 2005 with the S/Skr .
I believe there was a family connection with the Braithwaites back then ??
Initially Amlin based then Zurich, ( Martello policy not the “shield “) , then in switched boats to current similar value late 2014 .
They have always shopped around offered alternatives.
I have skipped twixt Amlin , Zurich and now N+ G which are Zurich in all but name .
About 2018 or there abouts Coleman’s did what Barry has done , sold out / reversed into / got taken over by a bigger fish Gallaghers .Same front of office same helpful staff .
I speak to the same guy every year we have a chin wag I pay over the phone , he e mails his best option from what’s available .
Renewal is Nov .
I did that online low cost ( is it craftsure ? less overheads ) quote , but as Chris Gowan says in his reply to LJS - when you delve into comparing , the excess , the 3 P etc there was not much in it ......for the same N+G - my Crocodile analogy is the remaining ins underwriters not the brokers btw .
As you know I did query the “ unattended @ anchor “ bit a while back , with my broker who went to Amlins and the conclusions were for my needs the Zurich / N+G was better cover .How ever the caveat is stuff evolves and each year never assume the policies T+c s are just last years copied - pasted .Play stop the difference.
Then compare .I think I paid a bit more for a less ambiguous, unattended @ anchor thing .It said it was ok in marked anchorages on charts and no line of sight 1/2 hr rtn nonsense.
My only foray into Y has been twice over the past 15 years .The first when Barry started I responded to the forum favourites fanfare and he wanted 2 x for the same Amlin and a pre inspection survey .A none starter as the same Amlin from Colemans was just pay and go for 1/2 price .
Second pop about 3 years ago ( just testing the mkt ) he came back this time no survey needed ( must have dropped that ) and about a 1/3 rd more for the same .
E mail + tel conversations to follow up btw .
But as I said as you drain the swamp with this over the past 15 yrs there’s not much out there to choose .
There are fewer players offering policies, a lot of consolidation has taken place, is taking place maybe more hey to come .
Been using what were Sunseekers own “ shield “ policy from Coleman’s in Poole since 2005 with the S/Skr .
I believe there was a family connection with the Braithwaites back then ??
Initially Amlin based then Zurich, ( Martello policy not the “shield “) , then in switched boats to current similar value late 2014 .
They have always shopped around offered alternatives.
I have skipped twixt Amlin , Zurich and now N+ G which are Zurich in all but name .
About 2018 or there abouts Coleman’s did what Barry has done , sold out / reversed into / got taken over by a bigger fish Gallaghers .Same front of office same helpful staff .
I speak to the same guy every year we have a chin wag I pay over the phone , he e mails his best option from what’s available .
Renewal is Nov .
I did that online low cost ( is it craftsure ? less overheads ) quote , but as Chris Gowan says in his reply to LJS - when you delve into comparing , the excess , the 3 P etc there was not much in it ......for the same N+G - my Crocodile analogy is the remaining ins underwriters not the brokers btw .
As you know I did query the “ unattended @ anchor “ bit a while back , with my broker who went to Amlins and the conclusions were for my needs the Zurich / N+G was better cover .How ever the caveat is stuff evolves and each year never assume the policies T+c s are just last years copied - pasted .Play stop the difference.
Then compare .I think I paid a bit more for a less ambiguous, unattended @ anchor thing .It said it was ok in marked anchorages on charts and no line of sight 1/2 hr rtn nonsense.
My only foray into Y has been twice over the past 15 years .The first when Barry started I responded to the forum favourites fanfare and he wanted 2 x for the same Amlin and a pre inspection survey .A none starter as the same Amlin from Colemans was just pay and go for 1/2 price .
Second pop about 3 years ago ( just testing the mkt ) he came back this time no survey needed ( must have dropped that ) and about a 1/3 rd more for the same .
E mail + tel conversations to follow up btw .
But as I said as you drain the swamp with this over the past 15 yrs there’s not much out there to choose .
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DavidJ
Well-Known Member
Hi longjohnsilver
Would you mind sharing your broker with the lower quote. Maybe pm me if you don’t want to openly publish at the moment
Good work bu the way
Would you mind sharing your broker with the lower quote. Maybe pm me if you don’t want to openly publish at the moment
Good work bu the way
longjohnsilver
Well-Known Member
Curtis Marine in Plymouth 01752 485090. www.curtismarine.co.uk
DavidJ
Well-Known Member
Thank you
Hurricane
Well-Known Member
Thanks for publishing your findings on here.
Is you opinion that Curtis Marine have the same cover as we are used to with Y?
All those little bits that JFM pointed out?
Sticky Fingers
Well-Known Member
I was looking for JFM's old posts on this topic and I think they have all been removed. I know he fell out with the mods.
longjohnsilver
Well-Known Member
I’m not in a position to do a direct comparison. I will take a more detailed look in the next few days.
Hurricane
Well-Known Member
I don't think thats correct.
I think that there are probably other reasons that he doesn't post any more.
The search facility is pretty carp on this forum since the upgrade but I think most of it is still there if you can find it.
Try searching using Google.
To do that you enter your search in a Google search page and then enter "site: forums.ybw.com" (no qoutes)
This will force Google to search only in forums.ybw.com and not out on the rest of the web.
Sometime finds stuff that the in forum search can't find.
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